Though the chip maker's valuation is reasonable, potential share loss and a tough pricing environment are still a concern, says Credit Suisse First Boston.

WE EXPECT INTEL to report first-quarter results no better than our estimate ($8.8 billion in revenue and 21 cents in earnings per share) and below consensus. While Intel already lowered the bar on its March 3 negative preannouncement to down from 11% to 15% quarter-over-quarter from previous guidance for a drop from 5% to 11%, excess low-end inventory and...